This past weekend I watched an interesting and scary documentary called I.O.U.S.A.
The film is nonpartisan and follows former U.S. Comptroller General David Walker as he travels across the country explaining America’s unsustainable fiscal situation. It is an in-depth explanation of our growing national debt and what its consequences will be for our country and for those of us who live here. It says America is being burdened by an expanding government and military, an increase in international competition, over extended programs like social security, and debts to foreign countries like China that are becoming impossible for America to honor.
Throughout history, the American government has found it nearly impossible to spend only what has been raised from our taxes. The film warns that America must change its spending habits or we will face a huge economic disaster. Interesting that this movie was released in 2008, right after the economists are saying our last recession began (December 2007).
The scariest part for me was when one of the people being interviewed brought up how when you are a person and you die, your debt goes away. But when you are a country, you pass your debt on to the next generation. It is like we are running up a giant credit card bill and are leaving it for our children to have to take care of.